Let me try. Remote provisioning (management of allocation and deployment) of physical IT resources to the intended project. This includes processors, servers, storage, partitioning of the storage, operating system, bandwidth, application software, configuration of the application software etc. This helps in increasing the capacity utilization of the IT resources while improving “economy of scale”.
Many agencies have over deployed, while some are under deployed and these cannot be leveraged across various projects. So the IT investment are unevenly utilized leading into wastage of resources. Virtualization helps achieve optimization in IT investment.
Did I forget – green effect – reduction in carbon – lower power consumption – more eco-friendly. Yes, they all occur in theory.